Grayscale Investments, the world’s largest digital asset management firm, has been recording immense growth in the number of investors who are interested in its altcoin trust funds. The company’s Assets Under Management (AUM) for altcoins is now valued at a staggering $284 million.
According to recent data compiled by Coin98 Analytics, aside from Grayscale’s Bitcoin Trust Fund and Ethereum Trust Fund, investors have been rapidly buying the company’s altcoin products since January this year.
Leading the altcoin trust funds is Ethereum Classic (ETC) which rose from $41.5 million to $61.5 million within the last 10 months. ETC is closely followed by Bitcoin Cash (BCH) which made an impressive jump from $3.4 million to $47.1 million from January 1 to October 27. Litecoin (LTC) takes the third position, impressively moving from a mere $400,000 AUM to $36.5 million.
Grayscale had launched its Digital Large Cap Fund to provide its investors with the opportunity of exploring a wide variety of large-cap cryptocurrencies as security without having to experience the challenges that come with buying, selling, and storing the assets on their own.
The investment manager had initially started the year with a total AUM of $76.6 million on digital currencies excluding Bitcoin and Ethereum. However, the figure is currently sitting at $283.9 million, which is more than three times the initial AUM.
Grayscale seeks to provide its investors with the trust and accountability they need to enable them to navigate digital currency investing.
In recent months, more individual and institutional investors are showing interest in cryptocurrency. With the pandemic bringing to fore more of its use cases, millions of people are searching for alternative solutions to hedge against the economic crisis.
This is evident in the huge sum of money that Grayscale raised from its investors just a few weeks ago. The asset manager raised a whopping $1.05 billion from investors across its wide range of products.